【Update 2023.5】On May 16, this card was forcibly converted to the BofA Unlimited Cash Rewards card. After that, some users saw an offer in the APP under the card: spend $1,000 by September 30 and earn $200. We recommend checking both the app and your online account. If you don’t see it, ask customer service whether this offer is available on your account. After all, a $200 conversion bonus is quite nice.
【Update 2023.3】This card is finally being forcibly converted. According to US Credit Card Guide, some users received letters saying that on May 16, 2023, their card would be forcibly converted to the BofA Unlimited Cash Rewards card. If you met the spending requirement for the first quarter, you can get $20 in April. If you have any spending in the second quarter before May 16, you may be able to get another $20. Don’t miss this last chance to squeeze out the final rewards.
【2017.5 Update】This card has been discontinued. It has been removed from the official website, and the application link is dead. According to reports, it is no longer possible to product change other BofA cards to this one. Existing cardholders can still keep enjoying the easy $25 benefit.
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BofA Better Balance Rewards Credit Card Overview:
Basics
- No sign-up bonus, and no rewards on regular spending
- Pay your bill in full each month and earn $25/$30 each quarter
- No annual fee
Highlights
- Pay your bill and get rewarded
- Before each statement closes, you need to make sure the account has a balance greater than $1 (some people mentioned that a $4 balance was waived, so $5 is the safest)
- After the statement is generated, pay off that balance
- Continue this for three months (or, from the time you get the card until the next quarter-end month of 4, 7, 10, or 1, make sure every statement with a non-$0 balance is paid in full)
- At the end of the quarter (April, July, October, January), you will receive $25 or $30 (if you have a BofA checking account)
- Note 1: For small purchases, you can buy a bottle of water at CVS, add $1.5 to your Amazon balance, or use Amazon Allowance.
- Note 2: You can set the returned $25/$30 to be automatically deposited into any Checking Account, so after receiving the money you won’t need to spend an extra $25/$30 + $2 on the card that month just to make sure the account has a $2 balance before the statement closes.
- Note 3: If your account balance becomes negative mid-month (for example, after a return and the refund posts directly to the credit card), you can ask online customer service to send that credit to your bank account by check, or mail you a check. That way, you won’t need to spend more on this card just to bring the balance back above zero.
- BofA Deal: Offers 5%-15% cash back or fixed-amount rebates at various merchants. Good deals that have appeared before include sears 15% cash back (up to $25), nordstrom rack 15% cash back (up to $37.5), and an extra $5 for using any BofA Deal. For details, see “BofA Deals Guide”
- BofA cardholder perk: On the first weekend of every month, BofA cardholders get free admission to major museums nationwide. You can also add authorized users for family members so they can get free admission too. For the list of participating museums by state, please click here
- Secured card product change: There have been reports that this card could be obtained by product changing from a BofA Security Card (can be applied for even without an SSN), which is pretty nice.
Drawbacks
- No sign-up bonus, and no rewards on regular spending
My Take on This Card:
I applied for this card when it first came out. At the time, it generated a lot of discussion, and the main appeal was that as long as you paid on time, you could earn $25 or $30 every quarter (if you had a BofA checking account). Later, it was said that this card could be obtained by product changing from other BofA credit cards. Some people even showed off having four of them, claiming they could earn $480 a year with almost no effort. But later, multiple people confirmed that BofA no longer allowed other credit cards to be converted to this one, and my interest in applying for other BofA cards dropped a lot.
How to Apply
- Application difficulty: Fairly low; with even a little credit history, it should be easy to get approved
- Things to note: Before applying, please read the characteristics of BofA bank applications; students may not be able to have more than two BofA credit cards
Application Link:
- No longer available